The 23rd meeting of the Green Climate Fund (GCF) Board has approved ten new projects and has allocated USD 266.9 million in GCF resources for climate action in developing countries.
With co-financing the projects will channel over USD 1,451.6 million for low-emission, climate-resilient development. GCF now has a portfolio of over USD 5.23 billion with 111 projects in 99 developing countries.
Responding to a mandate within its Governing Instrument, the twenty-four member Board also developed procedures for decision-making in the absence of consensus.
The Board noted the first independent review of GCF’s performance during its first four years of operation. The Board also adopted new standards for implementing the Anti-Money Laundering and Countering the Financing of Terrorism Policy, as well as an updated policy on Prevention and Protection from Sexual Exploitation, Sexual Abuse and Sexual Harassment.
Co-Chair, Nagmeldin Goutbi Elhassan Mahmoud stated, ‘The approval of ten new projects worth USD 267 million reinforces the importance of GCF for developing countries. In less than four years GCF has built an impressive portfolio, and is ready to accelerate support to meet the urgency of the climate crisis.”
Co-Chair, Josceline Wheatley stated, “This has been an important Board meeting which gives us good momentum for GCF’s replenishment later this year. Board members worked together closely to reach agreement on key policies and procedures.”
Executive Director, Yannick Glemarec stated, “The outcomes of this Board meeting will give added impetus to our support for developing countries to raise and realise their climate ambitions. As our portfolio grows, we are increasing the speed of implementation to drive transformative climate action. With high demand for GCF resources, we are ready for an ambitious replenishment.”
During the meeting the applications of four new Accredited Entities were approved, including three direct access entities that provide national and regional channels to access GCF funds.